USDJPY - Short - Post Bank of Japan / Pre FED

The Bank of Japan gave few indications of any shift in monetary policy Thursday as we await the FED press conference on Wednesday. It is likely that there would be no major surprises from the FED on Friday as it continues it's dovish stance on monetary policy to boost the US economy in the face of the global pandemic. We therefore expect USDJPY to resume it's downtrend and consolidate below support at 103.71 in the coming trading sessions.